Family Home & Legal Sleepout with Yield & Upside

16 Island View Road, Western Heights, Rotorua - $363,500

Family home and legal sleepout with massive upside.


Highlights:

Property Features: 3br + Sleepout / 1ba + WC

  • Price: $363,500
  • Gross Yield: 7% (after reno)
  • Rental Status: Currently vacant (interior requires renovation)
  • Rent Appraisal: $550 p/w after reno
  • Annual Rates: $2,883
  • Estate Type: Freehold
  • Floor Area: 90m2
  • Land Area: 754m2

Are we close?

If this property is not quite what you are looking for, contact the agent today to discuss finding a property directly for you.

About the Property

Located in one of the nicer streets in Western Heights, this family home has recently been completely made over on the outside, and now the opportunity exists to add value with an interior makeover, and we have a team who can completely project manage this for you.

This three bedroom home is insulated to government regulations and has just had a new heatpump installed. Set well back from the road this home has good street appeal and is positioned to receive all day sun into the living areas.

Please note that the cladding is cement tiles that contain asbestos. They are in extremely good condition and the exterior of the property has just been painted.

The numbers:

Price now (including finder's fee) $363,800

Estimated reno fee $40,000 (this includes a full reno including new flooring, paint, new kitchen, bathroom and laundry). There is the opportunity to spend a little more (say $5,000) and really open up the kitchen area. You could evaluate the cost/benefit of this during your due diligence.

Post reno you can expect a rent of $550 p/w which equates to a 7% yield.

We have been advised by agents that post reno the house should have a sale value of 450-460K.

The exciting part:

Immediately behind the house is a large double garage with attached sleepout and toilet. So this is able to be legally rented as a bedroom, however it will need heating. The 2004 CCC and building consent shows the sleepout is insulated - to be confirmed with due diligence. We've had a builder in to look at this and he believes it should be possible to convert this to another dwelling relatively easily. We can refer any potential purchasers to this tradesperson as well as provide the current RDC property files.

As we can't provide any guarantees about this, we advise any purchaser to be happy with the property as a current investment, however it would certainly be worth further investigation as the garage building is well constructed and the building side of the conversion could potentially be quite low-cost.

Amenities

Located just around the corner from the Brookland Road shopping and medical centres, this property is also in zone for Western Heights High School and walking distance to all forms of schooling.

Maree Tassell

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

Contact us about this property

Agent Contact Details

Maree Tassell

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

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If you want someone who knows what they’re doing, can use a very professional yet friendly approach, then Maree is the one. I asked her to sell one of my rentals and she did so quickly, with no fuss and got an excellent price for me.

Rob Bialostocki

Maree has always shown a very high level of integrity, transparency and flexibility and I believe iFindProperty offers great value – not only do you get a great property deal but the additional advice, assistance and recommendations make her service outstanding. I highly recommend Maree to anyone looking to start off on the right track in property, be they first timers or seasoned investors.